GPHA Credit Union makes profits

The Ghana Ports and Harbours Authority (GPHA) Credit Union recorded profits after tax of GHC438,327.74 in 2014/2015 as against GHC145,592.69 in the 2013/2014 financial year.

The asset of the Union stood at GHC8,432,592.76 in 2015 as against GHC7, 169,592.69 in the 2013/2014 financial year.

Mr. Samuel Sarpong, the Board Chairman of the Credit Union, made this known at its 17th Annual General Meeting held in Takoradi on Friday, to take stock of last year’s activities and plan the way forward.

He said the Union increased its minimum shares from GHC100.00 to GHC400.00 as a result of improved performance and encouraged members to buy more shares and fixed deposits, in order to enjoy more dividends and attract negotiable interest rates.

The Board Chairman lamented about the non-payment of loans contracted by members and indicated that a taskforce had been constituted to recover the loans from the defaulters.

He disclosed that the Union had awarded a contract for the construction of a five-storey building, which would serve as its administrative block at an estimated cost of GHC300, 000.

“Cooperative Union is a family where a member is made better off than what he/she was before joining it, therefore, you should introduce it to your relatives and friends in order to share the joy of a better life,” he advised members to reduce their expenditures on funeral clothing, alcoholic beverages and other frivolous things that did not bring a lot of benefits to them and rather invest for their future welfare.

As part of its Corporate Social Responsibility, Mr. Sarpong stated that the Union presented food items and toiletries to the Twin City Special School at Inchaban and a poly tank to the Sekondi Railway clinic.

Some shareholders who purchased more shares as well as those who honoured their loan obligations were rewarded.